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Solve the labour supply model, replace the utility function

u(c,1-l)=log(c)+log(1-l) with:

(a) u(c,1-l)=log(c)+b*(1-l), where b is a positive constant;

(b) u(c,1-l)=sqrt(c)+sqrt(1-l).

In each, how does the labour supply depend on the wage? How does it compare to the log utility model? Explain.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M91718972

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